Monday, November 26, 2012

Norquist: Buffett is a Crony Capitalist

In response to Warren Buffett's op-ed in NYT calling for higher taxes on the "rich", Grover Norquist responded with both barrels:

Warren Buffett has made a lot of money, some of it off of gaming the political system. He invests in insurance companies and then lobbies to raise the death tax, which drives people to buy insurance. You can get rich playing that game but it's all corrupt. It’s not investing; it’s playing crony politics and economics. That’s a shame. He’s done the same thing with some green investing. Shame on him for gaming the system and giving money to politicians who write rules that make your assets go up...

When the government takes a dollar away from the American people or a trillion dollars, that’s a trillion dollars not available to be saved and invested. I’m sorry if Buffett can’t see that but that’s kind of silly on his part.

Buffett did not start out a crony capitalist, but that is what he is now. His father Howard, a former congressman was a supporter of Murray Rothbard, and is likely turning in his grave.